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DFA Selective State Municipal Bond Portfolio

mutual fund
DSSMX
Payout Change
Pending
Price as of:
$9.51 +0.0 +0.0%
primary theme
Municipal Bond
share class
DSSMX (Mutual Fund)

DFA Selective State Municipal Bond Portfolio

Payout Change
Pending
Price as of:
$9.51 +0.0 +0.0%
primary theme
Municipal Bond
share class
DSSMX (Mutual Fund)

DFA Selective State Municipal Bond Portfolio

Payout Change
Pending
Price as of:
$9.51 +0.0 +0.0%
primary theme
Municipal Bond
share class

Name

As of 10/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.51

$428 M

2.30%

$0.22

0.25%

Vitals

YTD Return

2.3%

1 yr return

6.3%

3 Yr Avg Return

-0.2%

5 Yr Avg Return

N/A

Net Assets

$428 M

Holdings in Top 10

9.2%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.25%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 3.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/10/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.51

$428 M

2.30%

$0.22

0.25%

DSSMX - Profile

Distributions

  • YTD Total Return 2.3%
  • 3 Yr Annualized Total Return -0.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.64%
DIVIDENDS
  • Dividend Yield 2.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DFA Selective State Municipal Bond Portfolio
  • Fund Family Name
    Dimensional Funds
  • Inception Date
    Sep 30, 2020
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Travis Meldau

Fund Description

The Selective State Municipal Bond Portfolio seeks its investment objective by investing primarily in a universe of investment grade municipal securities, the interest on which is exempt from regular federal income tax. Municipal securities in which the Portfolio may invest include, among others, revenue bonds, general obligation bonds, industrial development bonds, municipal lease obligations, commercial paper, variable rate demand obligations and other instruments (including participation interests in such securities) issued by or on behalf of the states, territories, and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies, and instrumentalities (“state issuers”). As of the date of this prospectus, the Advisor expects to emphasize investments in obligations issued by or on behalf of: (i) state issuers with no personal income tax (e.g., Wyoming, Washington, Tennessee, Texas, South Dakota, Nevada, Florida, and Alaska); (ii) state issuers that generally tax income earned from both in-state and out-of-state municipal securities (e.g., Iowa, Illinois, and Wisconsin); (iii) state issuers that do not tax income earned from in-state municipal securities and certain out-of-state municipal securities (e.g., Utah) and (iv) state issuers that do not tax income earned from in-state or any out-of-state municipal securities (e.g., District of Columbia). From time to time, the Advisor may emphasize investments in additional state issuers or reduce the Portfolio’s emphasis on certain state issuers without notice to shareholders. The interest on the municipal securities purchased by the Portfolio, in the opinion of bond counsel for the issuers and under current tax law, is exempt from federal income tax (i.e., excludable from gross income for individuals for federal income tax purposes but not necessarily exempt from state or local taxes). As a fundamental investment policy, under normal market conditions, the Portfolio will invest at least 80% of its net assets in municipal securities that pay interest exempt from federal income tax. The Portfolio does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax.

Generally, the Selective State Municipal Bond Portfolio will acquire obligations that mature within twenty years from the date of settlement, and in variable rate demand obligations with longer maturities. Under normal circumstances, the Portfolio will maintain a weighted average duration of more than three years but less than five years. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the Advisor will focus investment in the longer-term area, otherwise, the Portfolio will focus investment in the shorter-term area of the eligible maturity range. If a security has been redeemed by the issuer at a date prior to the stated final maturity date for the purposes of the above duration restriction, the early redemption date shall be considered the maturity date regardless of the stated final maturity. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

At least 75% of the assets of the Selective State Municipal Bond Portfolio will be invested in municipal securities that, at the time of purchase, are rated in the top three credit-rating categories (e.g., Aaa, Aa and A for Moody’s Investor’s Service, Inc. (“Moody’s”) or AAA, AA and A for S&P Global Ratings (“S&P”) or Fitch Ratings Ltd. (“Fitch”), or an equivalent rating assigned by another nationally recognized statistical rating organization, or that are unrated but have been determined by the Advisor to be of comparable quality). No more than 25% of the Portfolio’s assets will be invested in municipal securities that, at the time of purchase, are rated in the lowest quarter of the investment grade spectrum (e.g., rated Baa1 to Baa3 (by Moody’s) or BBB+ to BBB- (by S&P or Fitch), or an equivalent rating assigned by another nationally recognized statistical rating organization, or that are unrated but have been determined by the Advisor to be of comparable quality). The fixed income securities in which the Portfolio invests are considered investment grade at the time of purchase.

Municipal securities are often issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as bridges, highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities, such as water and sewer works. Municipal securities include municipal leases, certificates of participation, municipal obligation components and municipal custody receipts. The Selective State Municipal Bond Portfolio may invest more than 25% of its assets in municipal securities issued to finance projects in a particular segment of the bond market including, but not limited to, health care, housing, education, utilities, and transportation. The Portfolio also may invest more than 25% of its assets in industrial development bonds.

The Selective State Municipal Bond Portfolio may (1) purchase certain municipal securities that are insured, (2) invest in municipal securities secured by mortgages on single-family homes and multi-family projects, (3) invest in pre-refunded municipal securities, (4) purchase tax-exempt municipal securities on a “when-issued” basis, and (5) use derivatives, such as fixed income related futures and options contracts, credit default swaps and interest rate swaps, to hedge against changes in interest rates. The Portfolio may also invest in exchange-traded funds (ETFs) to gain

exposure to the municipal bond market pending investment in municipal bonds. The Portfolio may also invest in money market funds. The Portfolio also may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.

Although the Selective State Municipal Bond Portfolio attempts to invest all of its assets in tax-exempt securities, it is possible, although not anticipated, that a portion of its assets may be invested in securities that pay taxable interest, including interest that may be subject to the federal alternative minimum tax. These investments could generate taxable income for shareholders.

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DSSMX - Performance

Return Ranking - Trailing

Period DSSMX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -2.8% 25.8% 67.58%
1 Yr 6.3% 1.4% 33.8% 86.35%
3 Yr -0.2%* -10.1% 3.3% 45.39%
5 Yr N/A* -6.7% 1104.6% N/A
10 Yr N/A* -0.9% 248.8% N/A

* Annualized

Return Ranking - Calendar

Period DSSMX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -1.4% 41.0% 75.83%
2022 -7.6% -39.7% 0.3% 16.99%
2021 -0.5% -5.6% 6.9% 49.90%
2020 N/A -2.6% 310.0% N/A
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period DSSMX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -2.8% 25.8% 67.58%
1 Yr 6.3% 1.4% 33.8% 86.35%
3 Yr -0.2%* -10.1% 3.3% 45.39%
5 Yr N/A* -6.7% 1104.6% N/A
10 Yr N/A* -0.9% 248.8% N/A

* Annualized

Total Return Ranking - Calendar

Period DSSMX Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -1.3% 41.0% 88.05%
2022 -6.6% -39.7% 1.1% 23.43%
2021 0.1% -4.8% 23761504.0% 85.28%
2020 N/A -1.5% 17057.9% N/A
2019 N/A 0.2% 3514.6% N/A

NAV & Total Return History


DSSMX - Holdings

Concentration Analysis

DSSMX Category Low Category High DSSMX % Rank
Net Assets 428 M 3.22 M 71.9 B 51.97%
Number of Holdings 501 4 13418 25.77%
Net Assets in Top 10 39 M -317 M 3.45 B 71.57%
Weighting of Top 10 9.22% 1.9% 100.1% 84.94%

Top 10 Holdings

  1. City of San Antonio Electric Gas Systems Revenue 1.48%
  2. City of Dallas 1.24%
  3. State of Wisconsin 1.06%
  4. Conroe Independent School District 0.97%
  5. Central Puget Sound Regional Transit Authority 0.79%
  6. Orlando Utilities Commission 0.77%
  7. City of Chicago 0.76%
  8. City of Kirkland 0.73%
  9. School District of Broward County 0.71%
  10. City of Houston 0.71%

Asset Allocation

Weighting Return Low Return High DSSMX % Rank
Bonds
98.70% 0.00% 150.86% 57.49%
Cash
1.22% -50.86% 43.45% 43.61%
Stocks
0.09% 0.00% 99.89% 7.19%
Preferred Stocks
0.00% 0.00% 0.08% 52.86%
Other
0.00% -3.72% 51.88% 54.33%
Convertible Bonds
0.00% 0.00% 0.93% 52.54%

Stock Sector Breakdown

Weighting Return Low Return High DSSMX % Rank
Utilities
0.00% 0.00% 0.00% N/A
Technology
0.00% 0.00% 0.00% N/A
Real Estate
0.00% 0.00% 0.00% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 0.00% N/A
Financial Services
0.00% 0.00% 0.00% N/A
Energy
0.00% 0.00% 0.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 0.00% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High DSSMX % Rank
US
0.09% 0.00% 99.89% 7.19%
Non US
0.00% -0.03% 9.76% 52.46%

Bond Sector Breakdown

Weighting Return Low Return High DSSMX % Rank
Municipal
99.31% 44.39% 100.00% 34.02%
Derivative
0.00% -3.72% 51.88% 52.40%
Cash & Equivalents
0.00% 0.00% 43.45% 79.63%
Securitized
0.00% 0.00% 5.93% 53.28%
Corporate
0.00% 0.00% 9.41% 61.10%
Government
0.00% 0.00% 52.02% 56.22%

Bond Geographic Breakdown

Weighting Return Low Return High DSSMX % Rank
US
98.70% 0.00% 142.23% 55.13%
Non US
0.00% 0.00% 23.89% 54.79%

DSSMX - Expenses

Operational Fees

DSSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.25% 0.01% 8.02% 96.14%
Management Fee 0.20% 0.00% 1.20% 5.66%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% 100.00%

Sales Fees

DSSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

DSSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DSSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 3.00% 0.00% 283.00% 1.52%

DSSMX - Distributions

Dividend Yield Analysis

DSSMX Category Low Category High DSSMX % Rank
Dividend Yield 2.30% 0.00% 14.51% 88.42%

Dividend Distribution Analysis

DSSMX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

DSSMX Category Low Category High DSSMX % Rank
Net Income Ratio 0.64% -0.53% 5.33% 94.27%

Capital Gain Distribution Analysis

DSSMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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DSSMX - Fund Manager Analysis

Managers

Travis Meldau


Start Date

Tenure

Tenure Rank

Sep 23, 2020

1.68

1.7%

Mr. Meldau is a Portfolio Manager and Vice President of Dimensional Fund Advisors LP. Mr. Meldau holds an MBA from Wake Forest University, and a BSBA from Appalachian State University. Mr. Meldau joined Dimensional in 2011, has been a portfolio manager since 2011.

David Plecha


Start Date

Tenure

Tenure Rank

Sep 23, 2020

1.68

1.7%

David Plecha is Dimensional’s Global Head of Fixed Income. A member of the Investment Committee and Investment Research Committee, he not only manages US and global portfolios but also maintains much of the fixed income research and client communications. Dave received his Chartered Financial Analyst® designation in 1996. Prior to joining Dimensional in 1989, he managed stock index futures and options for Leland O’Brien Rubinstein Associates and was an operations planner for Texas Instruments.

Joseph Kolerich


Start Date

Tenure

Tenure Rank

Sep 23, 2020

1.68

1.7%

Joseph Kolerich is Head of Fixed Income, Americas, Senior Portfolio Manager and Vice President of Dimensional and a member of the Investment Committee. Mr. Kolerich has an MBA from the University of Chicago Booth School of Business and a BS from Northern Illinois University. Mr. Kolerich joined DFA as a portfolio manager in 2001 and has been responsible for the fixed income portfolios since 2012.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58